You are the manager of a new retail cart at the mall. Your business uses the perpetual inventory system.

You need to decide which inventory cost flow assumption method your new business will use: FIFO or LIFO. Using this method, prepare the journal entries, compute the sales revenue, cost of goods sold and ending inventory for your first month of operations $($March$).$

Data provided:

$\backslash$table$[[$Activity$,$Units,$\backslash$table$[[$Purchase Price$],[($per unit$)]],\backslash$table$[[$Sale Price$],[($per unit$)]]],[$Purchase$,$ March $1,10,$$$20,],[$Purchase$,$ March $2,25,$$$22,$$$50$